FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT September 5, 2007
Exhibit
2.2
FIRST
AMENDMENT TO PURCHASE AND SALE AGREEMENT
September
5, 2007
TO: ERG
Resources, L.L.C.
FROM: CrossPoint
Energy Holdings, LLC
SUBJ: |
Purchase
and Sale Agreement dated as of August 22, 2007, effective as of July
1,
2007, between CrossPoint Energy Holdings, LLC, a Texas limited liability
company (“Seller”),
and ERG Resources, L.L.C., a Texas limited liability company, or
its
assigns (“Buyer”)
(“PSA”).
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1. |
All
terms defined in the PSA have the same meaning when used
herein.
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2. |
The
PSA is amended to delete Section 5.3(b) and Section 23 and eliminate
the
right of Seller to sell or license the Seismic Data to Seitel prior
to
Closing or to receive any proceeds from the sale or license of the
Seismic
Data to Seitel by Buyer after the Closing. In consideration therefor,
the
Purchase Price will be increased by One Hundred Ninety Five Thousand
Forty
Dollars ($195,040), which will be payable in cash at Closing. The
definition of “Seitel” is deleted from Section 21 of the PSA. The
following is hereby added as a new Section 23 of the
PSA:
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“23.
Seller shall make all Seismic Data available to Buyer at Seller’s office, boxed
and ready for transportation, without additional charge and shall relinquish
possession of the Seismic Data to Buyer as of the Closing Date. Buyer shall
remove the Seismic Data from Seller’s office within thirty (30) days after the
Closing Date. Buyer shall not be responsible for any storage charges during
such
30-day period.”
3. |
The
provisions of Sections 3.d. and 5 of the PSA are amended to provide
that,
instead of a direct assignment of the Xxxxx XXXXx from the owners
to
Buyer, as provided in Section 3.d. and Section 5 of the PSA, the
Xxxxx
XXXXx are being re-conveyed by the owners thereof to Seller, and
Seller
will convey the Xxxxx XXXXx to Buyer, so that the One Hundred Twenty
Thousand Dollars ($120,000) purchase price therefor will be payable
to
Seller. Seller will assign all warranties received from Drawbridge
Special
Opportunities Fund LP and X. X. Xxxxx Special Opportunities Fund
LP to
Buyer.
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4. |
Paragraph
(e) of the definition of “Retained Assets” in the PSA is amended to add
“proceeds” between “All” and
“from.”
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5. |
The
definition of “Seismic Data” in the PSA is amended to add the following
thereto: “Seismic Data includes all of Seller’s right, title and interest
in and to any and all copyrights, trade secrets, know-how, inventions,
rights to software, patents, patent applications, and other intellectual
property rights, whether registered or unregistered, existing in
or
primarily related to the data described in the preceding sentence
(the
“Intellectual Property Rights”), and, upon execution of the Assignment,
the Buyer shall own and be possessed of all of Seller’s right, title and
interest in and to Intellectual Property
Rights.”
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6. |
The
following is hereby added at the end of Section 2.d. of the PSA (before
the semicolon): “and (f) all of Seller’s right, title and interest in
and to Seller’s agreements regarding the acquisition, ownership or
licensing of the Seismic Data which may be assigned by Seller without
the
consent of any person or entity or for which Seller has obtained
all
necessary consents to assign as of the Closing Date (the “Seismic Data
Contracts”).”
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7. |
In
the third line of Section 3.c. of the PSA, “Subject Interests” is changed
to “Subject Interests, including the Seismic Data
Contracts,”.
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8. |
All
of the terms, conditions, provisions and covenants of the PSA, as
amended
by this Amendment, are incorporated herein by reference, and the
PSA, as
amended by this Amendment, shall continue in full force and effect
in
accordance with the terms thereof and
hereof.
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9. |
This
Amendment may be executed in any number of counterparts, all of which
taken together shall constitute one and the same Amendment, and any
of the
parties to this Amendment may execute this Amendment by signing any
of the
counterparts. Copies of the execution copy of this Amendment with
one or
more signatures sent by facsimile transmission or as a “PDF” (portable
document file) attached to an electronic mail message will be fully
enforceable without a manually executed
original.
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EXECUTED
AS OF THE DATE FIRST ABOVE STATED.
CROSSPOINT ENERGY HOLDINGS, LLC | ERG RESOURCES, L.L.C. | |||
By: | /s/ Xxxxxx X. Xxxxxxx | By: |
/s/ Xxxxx X. Xxxx | |
Xxxxxx
X. Xxxxxxx, President
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Xxxxx
X. Xxxx, Manager
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